Unidentified Analyst: And then my last question is related to the press release. What do you exactly mean when you say first indications of recovery in certain areas?
Sean MacDonald: That’s a good question, Olivier. I was really referring to is some of the sales numbers that we’re seeing. So looking at some areas in Europe, during Q4, even though we were down by 10% in Q4 and that is, of course, you could call it a narrowing of the gap in our revenues when compared to 2022, we did have to manage some credit issues. So there were some orders and stuff that we didn’t ship during Q4 because, for us it’s important that we make the right long-term decisions when it comes to shipping and when it comes to credit management. So if we had shipped those, the gap would have been narrower. So from our side, we’re starting to see sales catching up now to prior levels. And if you look at MOTO sales, two dealers in the U.S., we were marginally up.
It’s the same in South Africa. In fact, in South Africa, we were up MOTO and MTB. So we’re starting to see that sales are increasing in some areas. And generally, what we see is that it starts out at the consumer and dealer level. Of course, direct-to-consumer sales are up by 23%, which is also a great indicator for us. So we normally would see that at the consumer and at the dealer level, they’re available closest to the market, obviously. So we start to see increases in sales in those areas. And then it filters through to international distributors over time. So these are just the first indicators. It’s not all areas in the [indiscernible], but it’s some areas, as I’ve said in the discussion earlier, it’s some areas where we’re starting to see some positive indicators.
And also, sentiment is just improving slightly. Obviously, we are still in a high interest rate environment. That hasn’t changed yet. But I think the market perception in general is that that is also going to improve. So macroeconomic conditions are seen to improve during 2024 and going into 2025. So that’s also a positive indicator for us. And just in general, the feeling on our side is that we’re starting to see some green shoots of a bit of an improvement in revenues in some areas. It’s not across the board yet, but I think we will get there over time.
Unidentified Analyst: That’s perfect. Thank you very much for these detailed answers to my question. I really appreciate. I wish you all the best and the team.
Sean MacDonald: Thank you, Olivier. Thank you.
Operator: Thank you. We have no further questions at this time. Mr. MacDonald, I would like to turn the floor over to you for closing comments.
End of Q&A:
Sean MacDonald: Thank you all for joining us today. We look forward to our next call to review the results of the 2024 first quarter.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
